|17 October, 2019

Dubai's Deyaar posts $14.44mln net profit in nine months

Deyaar Development has generated revenues of $131.68mln for the January-September period of 2019, up by 3.6%

A woman is seen at Dubai Financial Market in Dubai, United Arab Emirates September 16, 2019.

A woman is seen at Dubai Financial Market in Dubai, United Arab Emirates September 16, 2019.

REUTERS/Christopher Pike

Dubai - MubasherDeyaar Development, a leading property developer and real estate service provider in the UAE, on Thursday reported its financial results for the first nine months of 2019.

The Dubai-based developer has recorded a net profit of AED 53 million for the nine-month period ended 30 September of 2019, according to a press release.

The company has generated revenues of AED 483.3 million for the January-September period of 2019, up by 3.6% from AED 466 million in the corresponding period of 2018.

Saeed Al Qatami, CEO of Deyaar, said: “This year has seen Deyaar’s hospitality portfolio well and truly established, with the opening of the Millennium Atria Business Bay and Millennium Al Barsha. These three premium projects will deliver future recurring income.”

“The Afnan District, part of our first integrated urban community, Midtown, is completed, which will mark a momentous occasion as we prepare to welcome residents into this outstanding family-friendly development,” Al Qatami added.

The Afnan District features 659 apartments across seven buildings, ranging from studios through to three-bedroom units, all of which are sold out and getting ready for delivery.

Meanwhile, Dania, the second of Midtown’s six districts, has 579 apartments and is expected to be completed by the end of 2019.

In the first half of 2019, Deyaar had posted a net profit of AED 36.7 million, compared to AED 65.2 million in H1-18.

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